Everyone is saying that millennials think differently. They have a different mindset, attitude, and culture when it comes to money. Every day you can see on TV, social media posts, blogs, and books thousands of financial bits of advice for the millennials. However, many commercials advise not to take account of the uniqueness of this generation.
Most of the millennials today can earn money easily. They have a lot of opportunities that the other generations do not have. For example, maximizing the social media expertise of millennials can make thousands of dollars in digital marketing. This generation is spending their profit on short-term goals; that is why they are claiming to be earning less. Moreover, most of this generation is vulnerable to other factors affecting money management, such as early marriage.
According to Goldman Sachs, 60% of the millennials are still renting, and 20% are living with their parents. But there are ways on how a millennial can cope with the challenge:
1. Start to buy your own house rather than renting
When you buy a home before reaching the age of 35, it is leading you to prepare your retirement by the age of 60. Instead of spending so much money on renting a house that at the end of the day you will not own it, buying a home and paying in installment basis through borrower-friendly loan platforms will make it possible for the millennial to make a dream come true.
Buying a house, you must consider all aspects. Some houses need renovations, and some apartments need to be newly built. There are ways to save money. In flooring, you may choose to buy the cost-efficient types of flooring and designs of Pergo dealers Dallas.
2. When renting, get a roommate, if not move back home
Do not get a luxury apartment. Splitting the rent and utility costs will give you much savings. In San Francisco, Boston, and New York, when having a roommate, it will save you at least $700 every month.
Another thing to consider is you move back home with your family. When setting buffer time to live with your parents, it is right for you to adjust and save some money and wait for the right timing for you to live independently later. Someday you may be doing this.